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. liz: we have phillip in the pits of the cme. a pretty wild day. plus our market panel. john tanglewood and ron weiner. before we get to those two gentlemen, let's start with phillip at the cme. it was an interesting day. at one point we were down nearly 120 points. another we would up 51 points. which side do we end tomorrow? >> real interesting day, liz. i woke up. i saw the news on cyprus. i turn on fox. everything is happy. i thought we would blow to the upside and it would be a great day. the clouds had lifted but it was behind us now. later on as the day developed dutch finance minister coming out saying this problem might not be over. we might assess other euro area banks and might be too large and ask them to restructure or downsize. that starts to get the fears of contagion. that's why you saw the s&p 500 give up its gains, trade off to the lows. you saw the euro currency sell off as well. a little bit of bidding coming into the end of the day. that is just your first quarter, the guys trying to get the window-dressing on. the second thing you have guys that came in, sold short
as the s&p 500 futures close. let's bring in our market panel. john and dan. sandra: i knew i would stumble on that. come on, adam. thanks for saving me anyway. start with you, first, john. according to some notes i read from you today, you think that the market, where it stands today is actually fairly priced. you believe, you're rather optimistic you think things could head higher. what keeps you up at night? what could get in the way of things looking, bright in the future? we sold off somewhat significantly today. >> well, what i actually said was given current earnings and given current interest rate levels and current inflation level that the market was fairly priced but, we still are of the view that the market is in a secular trading range and it is up towards the top of that. and we, we just believe that with the aggressiveness of the federal reserve and now with the japanese central bank and then with the cyprus situation exacerbating the european banking situation, we think that aggressive monetary policy is going to lead to inflation and we're much more bullish on gold and commo
balanced fund comanager and john golder man. scott over at the cme, was this a cyprus selloff or is there something more to it? >> no. it definitely is a cyprus something. i wouldn't really call it a selloff. in fact over, if this happened last week during the week or even during this week instead of over the weekend we may not have seen the s&ps down 13, 14, 15 like they were overnight. and what this really is a point is that anybody that gets this pullback, people waiting for any sort of pullback, immediately are coming back into the market. that's why we saw this market come back today. i know we had a chance, david, like you said to actually look like we maybe were going to close up on the day and we closed down but we're only half of where we were early in the day today. so there is two things going on here. last week when i was on thursday, we talked about the vix, but we talked about volatility of the vix. we were talking how, boy, just stay in the market, get the market but buy your protection. if anybody had done that people bought that, up 20, 30% today you could hav
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